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Centre wants spending expedited; states can borrow Rs 20,000 more

The Centre today unfolded a multi-pronged strategy to expedite expenditure in the ongoing schemes...

Written by ENS Economic Bureau | Mumbai | Published: February 1, 2009 12:54 am

The Centre today unfolded a multi-pronged strategy to expedite expenditure in the ongoing schemes through the money provided in the stimulus packages to ward off the impact of global economic meltdown on the Indian economy. This includes,streamlining lending to various sectors,cutting down inordinate delays,setting up state and central level committees to continuously monitor the ongoing schemes.

“We said that the formulation of schemes and programmes is the joint responsibility of the central and states. The states will have to ensure expeditious and effective utilization of additional budgetary allocation made for major schemes during the current fiscal,” Cabinet Secretary K M Chandrasekhar said after emerging from a day-long meeting with chief secretaries of the states to review the progress of the implementation of the stimulus packages on the ground. “It was decided to create a mechanism for intensive review of implementation of major programmes both at the central and state level,while the review at the state level will be done by the chief secretary. The committee at the central level will be headed by the cabinet secretary. The planning Commission will closely monitor progress of implementation on an ongoing basis,” he said.

“Of special interest for today’s meeting would be the decision to allow states to raise additional market borrowings of 0.5 per cent of the GSDP,providing additional budgetary support of Rs 20,000 crore under major programmes such as Indira Awaas Yojana,PMGSY,NREGS and AIBP…” Chandrasekhar said.

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